Global Virtual Visits Market

Report ID : 1331 | Published : 2022-08-01 | Pages: | Format: PDF/EXCEL

The market size of the Global Virtual Visits Market in the year 2021 is valued at 13.50 billion and is predicted to reach 110.32 billion by the year 2030 at an 26.56% CAGR during the projected period.

The term "virtual healthcare" refers to "virtual visits" that occur between doctors and patients over real-time audio or video communications from anywhere in the world. Patients can engage with doctors and receive medical consultations virtually from the comfort of their homes, saving both time and money. The main drivers of market growth are the rise in smartphone usage, technological developments in the healthcare industry, and the demand for shorter hospital wait times. Additionally, increasing COVID-19 infections globally are boosting the market's expansion. The global market for virtual healthcare delivery is predicted to benefit significantly from the healthcare industry's increased embrace of virtual healthcare services. For medical consultations, apps like Zoom and Facetime are now legal in many nations. The WHO also advised using virtual healthcare delivery services to assess potential COVID-19 cases, which drives the market's expansion.

However, network challenges, lack of knowledge, and data security concerns impede industry expansion. The market for virtual visits is expected to increase slowly over the timeline due to the rising cost of software and hardware. The high cost of deploying the necessary systems, devices, and equipment related to real-time measurement of healthcare data is a crucial market constraint.

Market Segmentation:

The Virtual Visits Market is segmented on the basis of Component, Application, and Patient Group. Based on the Component, the market is segmented into Service and Hardware. Based on Application, the market is segmented as General Consultation, Behavioural Health, Chronic Care Management, Urgent Care, and Others. Based on the Patient Group, the market is segmented as Adults and Pediatrics.

Based on the Component, the Service segment is accounted as a significant contributor to the Virtual Visits Market.

The services type category will dominate the market. The demand for virtual care applications in chronic disease management and real-time monitoring, rapid developments in digital infrastructure, rising internet and smartphone penetration, and innovations in hardware and software components are propelling the segment's expansion. The rapidly expanding demand for these services is anticipated to be supported by the rapidly changing digital landscape. The adoption rates of these services are increasing due to the creation of numerous platforms and applications to track health and wellbeing and monitor, diagnose, and prevent disease. Market expansion will be aided by emerging economies' increasing investments in digital infrastructure to address co

Based on the Patient Group, the adult segment is accounted as a major contributor in the Virtual Visits Market.

Increasing smartphone adoption within this age group, intense internet usage, and a constant rise in the incidence of mental health problems have led to a sizable market share. Growth in this market is anticipated to be fuelled by the increase in the number of persons reporting mental health difficulties as well as the rising rates of anxiety and despair among people. With the rising prevalence of chronic illnesses, including diabetes, hypertension, various cardiovascular diseases, etc., in this age group, consumers between the ages of 35 and 49 the segment will have the highest CAGR among all the elements over the forecast period. This segment for virtual visits is anticipated to grow during the forecast period because of the many benefits associated with them, including reduced waiting times due to pre-scheduled appointments, a lower risk of acquiring new infections from hospitals, and ease of comfort.

In the region, the North America Virtual Visits Market holds a significant revenue share.

North America will dominate the global market and account for the maximum revenue share due to its large population of smartphone users, strong internet connectivity, high healthcare IT spending, advancements in digital infrastructure, increased demand for physical healthcare facilities & resources, the prevalence of chronic diseases, and high awareness levels of digital health & virtual care platforms among patients & healthcare providers. In the upcoming years, it is anticipated that the regional market will be driven by the growth of cloud-based apps and platforms as well as the appearance of start-ups creating and supplying these cutting-edge solutions. The need for medical and healthcare support in rural and distant areas is increasing, which is pushing significant businesses to provide advanced solutions to meet the demand. Furthermore, during the COVID-19 pandemic, the general public widely used virtual care applications. The expanding business is being supported by favourable government initiatives and financing to improve internet connectivity in rural areas.

Competitive Landscape

Some of the primary key players in the Virtual Visits Market are AMD Global Telemedicine, American Well, Koninklijke Philips, Teladoc Health, Banner Health, Beato, Blue Sky MD, Careclix, Cerner, CHI Health, Chiron Health, CVS Health, Dialogue, Doctor On Demand, Doxy(.) ME, Eagle Telemedicine, Edgemed Healthcare, eVisit, HealthTap, Health at Hand, HealthHero, Instapract, MDLive, MediBuddy, MFine, NeuroSynaptic Communications, Nextcare, Optum, Plushcare, Piedmont Healthcare, Practo, RO, Reecuro Health, SteadyMD, SOC Telemed, TRUDOC Healthcare, Vidyo, VSee, Walmart Health Virtual Care, and Zipnosis.

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Virtual Visits Market Snapshot

Chapter 4. Global Virtual Visits Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: By Component Estimates & Trend Analysis

5.1. By Component & Market Share, 2020 & 2030

5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2030 for the following By Component:

5.2.1. Service

5.2.2. Hardware

Chapter 6. Market Segmentation 2: By Application Estimates & Trend Analysis

6.1. By Application & Market Share, 2020 & 2030

6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2030 for the following By Application:

6.2.1. General Consultation

6.2.2. Behavioral Health

6.2.3. Chronic Care Management

6.2.4. Urgent Care

6.2.5. Others

Chapter 7. Market Segmentation 3: By Patient Group Estimates & Trend Analysis

7.1. By Patient Group & Market Share, 2020 & 2030

7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2030 for the following By Patient Group:

7.2.1. Adults

7.2.2. Paediatric

Chapter 8. Virtual Visits Market Segmentation 4: Regional Estimates & Trend Analysis

8.1. North America

8.1.1. North America Virtual Visits Market revenue (US$ Million) estimates and forecasts By Component, 2020-2030

8.1.2. North America Virtual Visits Market revenue (US$ Million) estimates and forecasts By Application, 2020-2030

8.1.3. North America Virtual Visits Market revenue (US$ Million) estimates and forecasts by Patient Group, 2020-2030

8.1.4. North America Virtual Visits Market revenue (US$ Million) estimates and forecasts by country, 2020-2030

8.2. Europe

8.2.1. Europe Virtual Visits Market revenue (US$ Million) By Component, 2020-2030

8.2.2. Europe Virtual Visits Market revenue (US$ Million) By Application, 2020-2030

8.2.3. Europe Virtual Visits Market revenue (US$ Million) estimates and forecasts by Patient Group, 2020-2030

8.2.4. Europe Virtual Visits Market revenue (US$ Million) by country, 2020-2030

8.3. Asia Pacific

8.3.1. Asia Pacific Virtual Visits Market revenue (US$ Million) By Component, 2020-2030

8.3.2. Asia Pacific Virtual Visits Market revenue (US$ Million) By Application, 2020-2030

8.3.3. Asia Pacific Virtual Visits Market revenue (US$ Million) estimates and forecasts by Patient Group, 2020-2030

8.3.4. Asia Pacific Virtual Visits Market revenue (US$ Million) by country, 2020-2030

8.4. Latin America

8.4.1. Latin America Virtual Visits Market revenue (US$ Million) By Component, (US$ Million)

8.4.2. Latin America Virtual Visits Market revenue (US$ Million) By Application, (US$ Million)

8.4.3. Latin America Virtual Visits Market revenue (US$ Million) estimates and forecasts by Patient Group, 2020-2030

8.4.4. Latin America Virtual Visits Market revenue (US$ Million) by country, 2020-2030

8.5. Middle East & Africa

8.5.1. Middle East & Africa Virtual Visits Market revenue (US$ Million) By Component, (US$ Million)

8.5.2. Middle East & Africa Virtual Visits Market revenue (US$ Million) By Application, (US$ Million)

8.5.3. Middle East & Africa Virtual Visits Market revenue (US$ Million) estimates and forecasts by Patient Group, 2020-2030

8.5.4. Middle East & Africa Virtual Visits Market revenue (US$ Million) by country, 2020-2030

Chapter 9. Competitive Landscape

9.1. Major Mergers and Acquisitions/Strategic Alliances

9.2. Company Profiles

9.2.1. AMD Global Telemedicine

9.2.2. American Well

9.2.3. Koninklijke Philips

9.2.4. Teladoc Health

9.2.5. Banner Health

9.2.6. Beato

9.2.7. Blue Sky MD

9.2.8. Careclix

9.2.9. Cerner

9.2.10. CHI Health

9.2.11. Chiron Health

9.2.12. CVS Health

9.2.13. Dialogue

9.2.14. Doctor On Demand

9.2.15. Doxy(.) ME

9.2.16. Eagle Telemedicine

9.2.17. Edged Healthcare

9.2.18. eVisit

9.2.19. HealthTap

9.2.20. Health at Hand

9.2.21. HealthHero

9.2.22. Instapract

9.2.23. MDLive

9.2.24. MediBuddy

9.2.25. Maine

9.2.26. NeuroSynaptic Communications

9.2.27. Nexcare

9.2.28. Optum

9.2.29. Plushcare

9.2.30. Piedmont Healthcare

9.2.31. Practo

9.2.32. RO

9.2.33. Reecuro Health

9.2.34. SteadyMD

9.2.35. SOC Telemed

9.2.36. TRUDOC Healthcare

9.2.37. Video

9.2.38. VSee

9.2.39. Walmart Health Virtual Care

9.2.40. Zipnosis

9.2.41. Other Prominent Players

Segmentation of Virtual Visits Market-

By Component

  • Service
  • Hardware

By Application

  • General Consultation
  • Behavioral Health
  • Chronic Care Management
  • Urgent Care
  • Others

By Patient Group

  • Adults
  • Paediatric

By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa

Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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2021 is valued at 13.50 billion and is predicted to reach 110.32 billion by the year 2030

26.56% CAGR during the projected period.

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